Some tips for buying a home on Long Island:
If your real estate agent uses fill-in-the-blank forms,
ask for a blank sample copy to take home and study.
Find out what types of disclosures sellers in your area
are required to give to buyers. Ask your agent for a
sample copy of typical disclosures, if available.
Find out about standard home inspection procedures and
ask your agent if there are any other inspections he or
she recommends.
You will want to ask some further questions:
Is a survey required for most transactions? If so, who
typically pays for it, the buyer or the seller?
Who does the title search to verify that the deed is
problem free, attorneys or a title company? What's the
average cost for that service?
Who acts as settlement agent, the person who puts
together final paperwork for you to sign? (attorney,
title company personnel, real estate broker, other)?
Other than loan costs, what's the average total cost for
other closing fees?
Taxes, settlement agent fees, etc.
How long does it usually take to close on a home once an
offer is accepted?
That's a good start. After you have the answers to those
questions, you'll have a better feeling for the basic
customs in your area.Through all the possible stress,
remember that you're making a good investment. Homes
appreciate about four or five percent a year.
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